Published on 2/14/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $20.89 million contingent income callable notes on S&P, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, Feb. 14 – Citigroup Global Markets Holdings Inc. priced $20.89 million of contingent income callable securities due Feb. 8, 2024 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent quarterly coupon at an annualized rate of 6% if each index closes at or above its coupon barrier level, 60% of its initial level, on the valuation date for that period.
The notes will be callable at par plus any quarterly coupon valuation date.
If the notes are not redeemed early, the payout will be par unless any index finishes below 60% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines.
Citigroup Global Markets Inc. is the underwriter with Morgan Stanley Wealth Management acting as a selected dealer.
Issuer: | Citigroup Global Markets Holdings Inc.
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Guarantor: | Citigroup Inc.
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Issue: | Contingent income callable securities
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Underlying indexes: | Russell 2000 index, Nasdaq-100 index and S&P 500 index
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Amount: | $20,894,000
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Maturity: | Feb. 8, 2024
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Contingent coupon: | 6% per year, payable quarterly if each index closes at or above its coupon barrier level on valuation date
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Price: | Par
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Payout at maturity: | Par unless any index finishes below its final barrier level, in which case investors will lose 1% for every 1% that the least performing index declines
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Call option: | At par plus any coupon due on any quarterly valuation date
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Initial levels: | 2,002.359 for Russell, 4,500.53 for S&P, 14,694.35 for Nasdaq
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Coupon barriers: | 1,201.415 for Russell, 2,700.318 for S&P, 8,816.61 for Nasdaq; 60% of initial levels
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Final barriers: | 1,201.415 for Russell, 2,700.318 for S&P, 8,816.61 for Nasdaq; 60% of initial levels
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Pricing date: | Feb. 4
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Settlement date: | Feb. 9
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Underwriter: | Citigroup Global Markets Inc. with Morgan Stanley Wealth Management as selected dealer
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Fees: | 2%
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Cusip: | 17330ABU5
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